EUROPE - The pension fund for the Swedish insurance industry, Försäkringsbranschens Pensionskassa (FPK) returned 3.1% for the first six months of the year. 

Its top-performing asset class was real estate, which returned 19.9% over the period.

Fixed income returned 3.7%, while Swedish and European equities detracted from performance.

The equity returns were saved by global equities, resulting in a total return of 0.8% for the equity portfolio.

Commodities fell by 6.6%

The fund has SEK9.9bn (€1.1bn) in assets, and its solvency ratio was 134% at the end of June.

The fund invests 49% in Swedish bonds, 21% in global equities, 7% in Swedish equities, 7% in real estate, 7% in credit bonds, 5% in alternatives, 3% in commodities and 1% in European equities.

So far this year, the fund has reduced its bond and commodities holdings by 1% each, while equities have been increased by 2%.

In other news, Wassum, the investment advisory firm, has acquired Invensure, the Danish financial advisory and actuarial consulting firm for an undisclosed sum.

Wassum said the purchase was to create market and competency synergies and broaden the range of services offered by both companies.

Wassum focuses on the asset side of institutional investment, whereas Invensure works on the liability side, conducting ALM studies and advising on Solvency II issues.

Jan Bernhard Waage, chief executive at Wassum, said his company hoped to expand in Denmark through Invensure.

Søren Andersen, chief executive and partner at Invensure, said being part of Wassum would enable his company to expand through broadening its product range in issues relating to asset management.